Coleman Church

so does that make does all this make the u.s dollar stronger or weaker oh sorry yeah so the good that creates a uh natural bid for our treasury bills which is a great thing for percent friends because that creates a whole new uh demand vehicle for our treasury debt on the stable coins

um and what these stable coins do allow for again a lot of emerging markets uh participants is allows them to quickly access dollars and um and avoid the depreciation risk in their own country so you're getting a lot of foreign foreign money into stable coins that will be bid for t-bills which should hopefully help with our our funding

I don't know.

I imagine there is.

Uh, I don't know what that mechanism would be.

I don't think, I mean, in the Russia reserve instance, it was a bilateral seizure.

This would be a seizure of untold amounts of investors.

You're seizing that.

I'm not sure what the, what the purpose would be other than just stealing the money.

What we know, we don't know everything that we know because it's not fully transparent, but what we do know is the direction of travel, which is massive increases, particularly from India, China, Russia, that doesn't seem to be abating at any time.

That means they're buying gold, and there has been a lot of movement of physical gold, particularly over the summer, but the movement appeared to be more from the London vaults back to the United States rather than elsewhere.

But we don't have complete clarity on any of that stuff.

I saw you answer it before you finished the sentence.

It's totally weird that the Chinese wouldn't tell us exactly how much bullion they have in the vaults.

Yeah, there's no reason they should or would or have to.

We still don't have the audit of Fort Knox that we were supposed to get a few months ago.

Really?

Yeah, you might be shocked about that too.

I don't know.

They may have 10 times more.